/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
TSX-V: SIL
VANCOUVER, Nov. 4, 2015
/CNW/ - SilverCrest Metals Inc. ("SilverCrest" or the
"Company") announces that it has arranged a non‑brokered private
placement for up to Cdn$2.25 million comprised of up to 15
million units at a price of Cdn$0.15 per unit. Each unit will
consist of one common share and one‑half of one common share
purchase warrant of SilverCrest, with each whole warrant being
exercisable for one common share of SilverCrest at a price of
Cdn$0.20 per share for a term of
2 years. A finder's fee of 5% may be paid in cash on a
portion of the placement.
Proceeds from the private placement will be used to augment the
Company's current cash of Cdn$5.1
million and for general corporate purposes. The
private placement is subject to regulatory approval and resale of
the shares will be subject to a hold period of four months and one
day following the closing date of the private placement.
It is anticipated that related parties of the Company will
acquire shares and warrants under the private placement. Such
participation would be considered to be "related party
transactions" within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 ("MI 61-101"). The Company
intends to rely on the exemptions from the formal valuation and
minority approval requirements of MI 61-101 contained in sections
5.5(b) and 5.7(1) (b) of MI 61-101 in respect of related party
participation. The securities of the Company are solely listed on
the TSX Venture Exchange and neither the aggregate fair market
value of the shares and warrants to be distributed to nor the
consideration paid by related parties will exceed Cdn$2.5 million.
NO U.S. REGISTRATION
The securities referred to in
this news release have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any applicable securities laws of any state of
the United States, and may not be
offered or sold within the United
States or to, or for the account or benefit of,
U.S. persons (as such term is defined in Regulation S under
the U.S. Securities Act) or persons in the United States unless registered under the
U.S. Securities Act and any other applicable securities laws
of the United States or an
exemption from such registration requirements is available. This
press release does not constitute an offer to sell or a
solicitation of an offer to buy any of these securities within any
jurisdiction, including the United
States.
ABOUT SILVERCREST METALS INC.
SilverCrest is a
Canadian precious metals exploration company headquartered in
Vancouver, BC, that is focused on
new discoveries, value-added acquisitions and targeting production
in Mexico's historic precious
metal districts. The Company is led by an experienced and proven
management team in all aspects of the precious metal mining sector.
Management are pioneers in applying a responsible "phased approach"
business model taking projects from discovery, finance, on time and
on budget construction , and production with subsequent increased
value to shareholders.
N. Eric Fier, CPG,
P.Eng
President &
CEO
SilverCrest Metals Inc.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD-LOOKING STATEMENTS
This
news release contains "forward-looking statements" within the
meaning of Canadian securities legislation. Such forward‑looking
statements concern the net proceeds from the private placement and
the intended use of proceeds. Such forward‑looking
statements or information are based on a number of assumptions,
which may prove to be incorrect. Assumptions have been made
regarding, among other things: conditions in general economic and
financial markets; timing and amount of capital
expenditures; and effects of regulation by governmental
agencies. The actual results could differ materially from
those anticipated in these forward‑looking statements as a result
of the risk factors including: the availability of funds; the
timing and content of work programs; results of exploration
activities of mineral properties; the interpretation of drilling
results and other geological data; and general market and industry
conditions. Forward-looking statements are based on the
expectations and opinions of the Company's management on the date
the statements are made. The assumptions used in the preparation of
such statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date the statements were
made. The Company undertakes no obligation to update or revise any
forward-looking statements included in this news release if these
beliefs, estimates and opinions or other circumstances should
change, except as otherwise required by applicable law.
SOURCE Silvercrest Metals Inc.